Withdrawal of CIRP - The NCLAT emphasized that withdrawal of ...

NCLAT Reinstates CIRP Due to Procedural Flaws in Withdrawal Application by Financial Creditor Instead of Applicant.

March 1, 2024

Case Laws Insolvency and Bankruptcy AT

Withdrawal of CIRP - The NCLAT emphasized that withdrawal of CIRP necessitates an application by the applicant and approval by 90% of the Committee of Creditors (CoC), as mandated by Section 12A of the IBC. - However, it was found that Form 'FA' submitted for withdrawal was not signed by the applicant, indicating non-compliance with procedural requirements. Despite objections raised by the appellant (Joinup Corporation), the Form 'FA' was submitted by the Financial Creditor (Tamilnad Mercantile Bank Limited), leading to discrepancies in the submission process. - the NCLAT concluded that the withdrawal of CIRP was not conducted in accordance with the law. It set aside the impugned order and revived the CIRP proceedings.

View Source

← Previous Next →

Withdrawal of CIRP - The NCLAT emphasized that withdrawal of ...

NCLAT Reinstates CIRP Due to Procedural Flaws in Withdrawal Application by Financial Creditor Instead of Applicant.

March 1, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT...

Seeking release of the corporate debtor from the rigours of CIRP - NCLT closed the CIRP proceedings despite the stay order by NCLAT against withdrawal Order - The...

The NCLAT held that the appropriate recourse for the appellant is to permit the financial creditors to file an application u/s 12A through the IRP as per Regulation 30A...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Withdrawal from CIRP on the ground that the Applicant is in the process of re-structuring the debt of the Corporate Debtor - As a matter of fact, in this case no...

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

The NCLAT upheld the Adjudicating Authority's rejection of the appellant's prayer to recall the admission order. Regarding withdrawal of CIRP u/s 12A of the IBC, the...

The NCLAT erred in invoking its inherent powers u/r 11 of the NCLAT Rules 2016 to approve a settlement between the second respondent and the Corporate Debtor,...

Seeking closure (withdrawal) of CIRP proceedings - Settlement of dispute between the parties - The present is a case where Committee of Creditors has not yet been...

Withdrawal of CIRP - Whether the Resolution Professional can be permitted to withdraw the CIRP against the Corporate Debtor by invoking inherent powers under Rule 11 of...

Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

NCLAT dismissed the contempt application against adjudicating authority. It held no contempt was committed in admitting section 7 application against corporate debtor's...

The Appellant sought payment of its pre-CIRP dues from the Respondent in a manner different from the approved resolution plan, which provided for payment of pre-CIRP...

CIRP - Admission of Section 7 application - The NCLAT addressed the validity and impact of the ex parte arbitral award. It concluded that, irrespective of the award's...

Quick Updates: